Investment Rating - The report assigns a "Buy" rating for Western Mining, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Views - The growth in copper mining operations is driving performance improvements, with a positive outlook for the completion of the Yulong Phase III project [1][2]. - The company is experiencing a significant increase in production and sales, with copper concentrate production rising by 42% year-on-year in the first half of 2024 [2]. - The report highlights the company's strong financial performance, with projected revenues and net profits showing substantial growth over the next few years [6]. Financial Summary - Revenue for 2022 was 40,238 million, with projections of 48,378 million for 2024, reflecting a year-on-year growth rate of 13.2% [1]. - Net profit for 2022 was 3,417 million, expected to rise to 3,719 million in 2024, indicating a growth rate of 33.3% [1]. - The company's return on equity (ROE) is projected to be 22.6% in 2024, down from 24.4% in 2022 [1]. Production and Pricing - In the first half of 2024, the company reported a copper production of 121,548 tons, a 44.12% increase year-on-year, while zinc and lead production saw declines [2]. - Major metal prices have increased, with copper prices rising by 10.53% since the beginning of the year [2]. Cash Flow and Expenses - Operating cash flow for the first three quarters of 2024 was 81.14 billion, a 50.86% increase year-on-year [2]. - The company has managed to reduce sales and financial expenses, with sales expenses down by 0.49% and financial expenses down by 8.53% [2]. Resource and Project Development - The company has significant mineral reserves, including 5.93 million tons of copper and 1.54 million tons of lead [3]. - The Yulong copper mine is expected to reach a mining capacity of 30 million tons per year upon completion of its third phase [3]. Shareholder Confidence - The major shareholder has increased their stake in the company, reflecting confidence in its future performance [5]. - The company has maintained a high dividend payout ratio, with a 96.81% payout in 2022 [6].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company reported a revenue of 36.725 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 13.93%. In Q3 alone, the revenue was 11.748 billion yuan, showing a year-on-year increase of 23.02%. The net profit attributable to the parent company for the first three quarters was 2.732 billion yuan, up 24.33% year-on-year, with Q3 net profit reaching 1.112 billion yuan, a significant increase of 60.91% year-on-year [1] - The report highlights that copper prices have reached historical highs in 2024, with the LME copper price exceeding 11,000 USD/ton. The average domestic copper price for the first three quarters was 74,840.28 yuan/ton, up 9.29% year-on-year, and the average price for Q3 was 75,207.19 yuan/ton, an increase of 8.75% year-on-year [1] - The company is expected to benefit from the second phase of the Yulong Copper Mine, which is projected to produce 158,700 tons of copper concentrate in 2024, contributing significantly to profit growth. The mine's processing capacity will increase to 22.8 million tons/year after the completion of the expansion project in November 2023 [1] Financial Performance Summary - Revenue for 2022 was 39.762 billion yuan, with a growth rate of 3.55%. For 2023, revenue is projected at 42.748 billion yuan, with a growth rate of 7.51%. The forecast for 2024 is 47.390 billion yuan, reflecting a growth rate of 10.86% [2] - The net profit attributable to the parent company for 2022 was 3.446 billion yuan, with a growth rate of 17.51%. The forecast for 2023 is 2.789 billion yuan, showing a decline of 19.06%, while 2024 is expected to recover to 3.665 billion yuan, with a growth rate of 31.40% [2] - The company’s EPS for 2024 is projected to be 1.54 yuan, with corresponding P/E ratios of 11.9 times, 10.6 times for 2025, and 9.3 times for 2026 [2][3] Comparable Company Valuation - The report compares the company with peers such as Zijin Mining, Jiangxi Copper, and Tongling Nonferrous Metals, indicating that the current valuation of the company is reasonable [1][2]

西部矿业股份有限公司 （601168） 二〇二四年第四次临时股东大会 会议材料 二〇二四年十一月 1 西部矿业股份有限公司 二〇二四年第四次临时股东大会议程 一、会议时间： 现场会议时间：2024 年 11 月 4 日 15 时 00 分开始 网络投票时间：采用上海证券交易所网络投票系统，通过交易系 统投票平台的投票时间为股东大会召开当日的交易时间段，即 2024 年 11 月 4 日 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平 台的投票时间为股东大会召开当日 2024 年 11 月 4 日 9:15-15:00。 二、会议地点：青海省西宁市海湖新区文逸路 4 号西矿• 海湖商 务中心 26 楼 （七） 总监票人宣布会议投票表决结果 （八） 见证律师宣读法律意见书 （九） 与会董事签署会议相关文件 （十） 主持人宣布会议结束 三、会议议程： （一） 主持人宣布会议开始并通报到会股东资格审查结果，以及 出（列）席会议人员 （二） 董事会秘书马明德先生宣读会议须知 （三） 通过推举会议监票人和计票人 （四） 会议审议事项 3 （五） 与会股东和代表质询与公司解答 （六） 与 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 36.725 billion yuan for Q3 2024, a year-on-year increase of 13.93%, and a net profit attributable to shareholders of 2.732 billion yuan, up 24.33% year-on-year [3][4]. - The growth in performance is attributed to an increase in both the volume and price of copper products, along with a reduction in asset write-off losses [3][4]. - The company is expected to benefit from the expansion of its copper production capacity and various environmental upgrade projects scheduled for completion in 2024 [4]. Financial Summary - The company achieved a gross margin of 22.43% in the first three quarters, an increase of 3.61 percentage points year-on-year, with Q3 gross margin at 25.35% [3][4]. - Revenue projections for 2024, 2025, and 2026 are 49.897 billion, 51.667 billion, and 55.976 billion yuan, respectively, with year-on-year growth rates of 16.72%, 3.55%, and 8.34% [4][5]. - Net profit attributable to the parent company is forecasted to be 3.700 billion, 3.850 billion, and 4.792 billion yuan for 2024, 2025, and 2026, reflecting year-on-year growth rates of 32.64%, 4.08%, and 24.45% [4][5]. - The earnings per share (EPS) are projected to be 1.55, 1.62, and 2.01 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 11.72, 11.26, and 9.05 [4][5].

[Table_Main] 证券研究报告 | 公司点评 西部矿业(601168.SH) 2024 年 10 月 22 日 | --- | --- | |--------------------------------------------------------|------------------------------| | 西部矿业（ 买入（维持） | 601168.SH ）： 24Q3 | | 所属行业：有色金属 / 工业金属 当前价格 ( 元 ) ： 18.19 | 同环比大幅增长，二选技改投料 | | 证券分析师 | 成功 | 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 谷瑜 资格编号：S0120524080002 邮箱：guyu5＠tebon.com.cn 研究助理 市场表现 -14% 0% 14% 29% 43% 57% 71% 86% 2023-10 2024-02 2024-06 西部矿业 沪深300 | --- | --- | --- | --- | |--------------------------------|-------|-- ...

上 市 公 司 证 券 研 究 报 告 有色金属 2024 年 10 月 21 日 西部矿业 (601168) ——24Q3 业绩符合预期，单季度业绩创新高 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 21 日 | | 收盘价（元） | 18.19 | | 一年内最高 / 最低（元） | 22.22/11.95 | | 市净率 | 2.6 | | 息率（分红/股价） | 2.75 | | 流通 A 股市值（百万元） | 43,347 | | 上证指数/深证成指 | 3,268.11/10,470.91 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 7.07 | | | | | 资产负债率 % | 59.61 | | 总股本/流通 A ...

证券代码：601168 证券简称：西部矿业 公告编号：临 2024-048 西部矿业股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 10 月 29 日（星期二） 下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 22 日（星期二）至 10 月 28 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 wm@westmining.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 西部矿业股份有限公司（以下简称"公司"）已于 2024 年 10 月 19 日发布公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 季度经营成果、财务状况，公司计划于 2024 年 10 月 2 ...

证券研究报告 资料来源：Wind 西部矿业 (601168 CH) 玉龙助力，三季度业绩创历史新高 华泰研究 季报点评 2024 年 10 月 21 日│中国内地 基本金属及加工 公司发布三季报：24Q3 实现营收 117.48 亿元（yoy+23.02%，qoq-16.11%）， 归母净利 11.12 亿元（yoy+60.91%，qoq+25.81%），创历史新高。2024Q1-3 实现营收 367.25 亿元（yoy+13.93%），归母净利 27.32 亿元（yoy+24.33%）， 扣非净利 27.66 亿元（yoy+17.84%）。玉龙铜矿等项目具扩张预期，我们认 为公司成长性较佳，维持"增持"评级。 铜价承压，24Q3 盈利能力逆势提升 24Q3 Wind 铜价环比-5.7%，但公司实现毛利率 25.35%，环比上升 2.27pct； 净利率 16.16%，环比上升 5.02pct，盈利能力逆势提升。其中净利率增幅 扩大主因 Q3未再出现 Q2营业外支出、资产减值损失等大额利减项。24Q1-3 公司实现毛利率 22.43%，同比上升 3.61pct；净利率为 12.65%，同比上升 2.45pct ...

Investment Rating - The report assigns a "Buy" rating to Western Mining (601168 SH) with a target price of 25 16 yuan per share [4] Core Views - Yulong Copper Mine's increased production and efficiency improvements drove a 26% QoQ growth in net profit attributable to the parent company in Q3 2024 [2] - Q3 2024 revenue reached 11 7 billion yuan (+23% YoY -16% QoQ) while net profit attributable to the parent company was 1 1 billion yuan (+61% YoY +26% QoQ) [2] - The Yulong Copper Mine achieved record high copper metal production with an annualized processing capacity of 24 46 million tons exceeding its 22 8 million ton capacity [2] - Copper molybdenum recovery rates improved by 2 31% and 2 12% respectively after technical upgrades in July 2024 [2] Financial Performance - 2024E revenue is projected at 51 78 billion yuan (+21 1% YoY) with net profit attributable to the parent company of 3 997 billion yuan (+43 3% YoY) [3] - EPS is forecasted to grow from 1 68 yuan in 2024E to 1 87 yuan in 2026E [3] - ROE is expected to increase from 25 4% in 2024E to 26 1% in 2026E [3] - The company's debt-to-asset ratio decreased by 0 54 percentage points to 59 61% at the end of Q3 2024 [2] Operational Highlights - Yulong Copper Mine's processing volume and recovery rate improvements offset the impact of declining copper prices [2] - Q3 2024 operating cash flow was 3 1 billion yuan (+6% YoY -32% QoQ) [2] - The company's minority interest income increased by 111 million yuan QoQ in Q3 2024 mainly due to Yulong Copper Mine's performance [2] Valuation Metrics - The report values Western Mining at 15x 2024E PE [2] - Current P E ratios are 10 37x for 2024E and 9 29x for 2026E [3] - EV EBITDA is projected to decrease from 5 84x in 2024E to 5 10x in 2026E [3]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved operating revenue of 36.725 billion yuan in Q1-Q3 2024, representing a year-on-year growth of 13.93%. The net profit attributable to shareholders was 2.732 billion yuan, up 24.33% year-on-year, while the net profit excluding non-recurring items was 2.766 billion yuan, reflecting a growth of 17.84% year-on-year [2][6] - The main products, copper, lead, and zinc, have strong production potential, and metal prices are expected to rise further. The projected net profit for 2024-2026 is 3.671 billion, 4.241 billion, and 4.850 billion yuan, respectively, with year-on-year growth rates of 31.61%, 15.53%, and 14.37% [2][6] Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 11.748 billion yuan, a year-on-year increase of 23.02%, but a quarter-on-quarter decrease of 16.11%. The net profit attributable to shareholders was 1.112 billion yuan, up 60.91% year-on-year and 25.81% quarter-on-quarter [6] - The average prices for lead, zinc, and copper in Q1-Q3 2024 increased by 11.5%, 5.1%, and 10.0% year-on-year, respectively [6] Production and Projects - The company has successfully launched key projects, including the optimization and upgrading of the Yulong Copper Industry's selection plants, which significantly increased copper production in 2024 [6] - The annual processing capacity of the multi-metal selection project is expected to increase from 900,000 tons to 1.5 million tons, with annual production capacities for lead and zinc concentrates set at 41,400 tons and 57,400 tons, respectively [6] Market Outlook - The expectation of looser monetary policy and tight supply-demand dynamics are likely to push copper prices higher. The anticipated global copper supply shortage is expected to catalyze a new upward price cycle [6] - The company maintains a favorable outlook on the growth potential of its main products, with a projected EPS of 1.54, 1.78, and 2.04 yuan for 2024-2026, corresponding to P/E ratios of 11.3, 9.8, and 8.5 times [2][6]